Awaiting pay czar's rules, largest bailout recipients rework compensation for top earnersOctober 6th, 2009 Bailed-out banks act before pay czar announcementWASHINGTON — Several firms that received large taxpayer bailouts have adjusted executive compensation to trim cash payouts before the Obama administration's pay czar issues new rules. Some fear those rules will go too far, preventing them from attracting the talent they need to remain competitive.
Bailed-out banks tried to follow pay rules but got little guidance from Treasury, audit findsAugust 19th, 2009 Audit: Little guidance for banks facing pay rulesWASHINGTON — Bailed-out banks were scrambling to comply with executive compensation rules months before the regulations were finalized, according to an inspector general report released Wednesday. Treasury did not issue its most recent set of rules limiting executive compensation until June 15, but companies that took money from the $700 billion financial bailout earlier this year already had hired consultants and started assessing the risks of the rules months earlier.
Wells Fargo says top executives will get more pay through company stock awardsAugust 6th, 2009 Wells Fargo increasing executives salariesNEW YORK — Wells Fargo & Co. said Thursday it is increasing the salaries for its top four executives, including CEO John Stumpf.
Government asks Goldman Sachs about compensation policy, use of credit derivativesAugust 5th, 2009 Goldman facing compensation, derivative inquiriesNEW YORK — Goldman Sachs Group Inc., one of the banking industry's top performers, said Wednesday that government agencies have asked about its compensation practices and use of credit derivatives. Compensation, especially bonuses, and credit derivatives have been among the most hot-button topics in the financial services industry since the credit crisis peaked last fall.
SEC approves rule that lets shareholders of TARP firms to vote on executive pay practicesJuly 1st, 2009 SEC approves rule on pay disclosure for TARP firmsWASHINGTON — The Securities and Exchange Commission on Wednesday unanimously approved rules requiring greater transparency for executive compensation at bailed-out firms and all public companies. In an open meeting, the panel voted 5-0 for a rule requiring firms that received government bailouts to let shareholders vote on executive pay.
Key Democrat might push Obama administration on corporate pay strategiesJune 11th, 2009 White House, Congress seek to rein in exec payWASHINGTON — As the Obama administration takes a half-step toward taming executive pay, Congress might consider a fuller stride. The administration, which has maintained that excessive compensation in the private sector contributed to the nation's financial crisis, has rejected direct intervention in corporate pay decisions.
Obama administration: Executive pay needs curbs, better management, across private sectorJune 11th, 2009 Administration: Rein in pay across private sectorWASHINGTON — The Obama administration says excessive executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy. Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay.
Key Democrat might push administration on corporate pay strategiesJune 11th, 2009 Administration, Congress seek to rein in exec payWASHINGTON — The Obama administration struck a delicate balance on executive pay Thursday, blaming flawed compensation packages for encouraging disastrous risk-taking but insisting it doesn't want to dictate how corporations reward their top people. Gene Sperling, a top counselor to Treasury Secretary Timothy Geithner, conceded to a congressional committee that imposing compensation caps on companies could lead to a flight of talent.
Geithner says administration will not seek to cap compensation of corporate executivesJune 10th, 2009 Administration jawbones corporate boards on payWASHINGTON — The Obama administration, which partly blamed out-of-whack executive pay for the nation's financial crisis, says it won't try to directly limit such pay, choosing instead on Wednesday to try to tame compensation through shareholder pressure. Treasury Secretary Timothy Geithner said the administration will ask Congress to give shareholders a nonbinding voice on executive pay and to require corporate compensation committees to be independent from company management.
Official: New overseer will have power to reject executive pay at firms getting bailout fundsJune 10th, 2009 Official: Overseer can reject pay deemed excessiveWASHINGTON — An Obama administration official says the administration will appoint a "special master" to oversee executives' compensation at companies receiving large amounts of government aid, with the power to reject pay plans deemed excessive. The official said the special master will review the compensation for the top 100 salaried employees at firms that receive exceptional assistance under the $700 billion Troubled Asset Relief Program.
Administration rejects a strong hand in corporate pay, looks to shareholder pressure insteadJune 10th, 2009 Administration seeks ways to tame corporate payWASHINGTON — Talking tough but stepping gently, the Obama administration rejected direct intervention in corporate pay decisions Wednesday even as officials argued that excessive compensation in the private sector contributed to the nation's financial crisis. Instead, the administration plans to seek legislation that would try to tame compensation at publicly traded companies through shareholder pressure and less management influence on pay decisions.
Obama administration ready to tighten rein on Wall Street payJune 10th, 2009 Administration to issue new Wall Street pay curbsWASHINGTON — The Obama administration will give a new Treasury official power to reject executive pay packages at firms that receive government assistance and wants legislation that would seek to tame compensation across the corporate world, an administration official said Wednesday. President Barack Obama will ask Congress to give shareholders a nonbinding voice on executive pay in an effort to link compensation to long-term performance rather than short-term gains, the official said.
Correction: April 3 Aon executive compensation storyMay 13th, 2009 Correction: April 3 Aon exec compensation storyNEW YORK — In an April 3 story about compensation received by Aon Corp.'s president and chief executive, Gregory C. Case, The Associated Press reported erroneously the amount of his performance-based cash award and the value of his overall pay package for 2008.
Official: Banks must shed FDIC guarantees if they want to return bailout fundsMay 6th, 2009 Official: Bailout returns will have conditionsWASHINGTON — The government will require banks seeking to return federal bailout money to prove they don't need other special federal assistance, a condition that will make it harder for some institutions to escape restrictions on executive compensation. The new requirement represents another shift in a changing landscape for banks.
US executive pay packets go up even as economy slumpsApril 15th, 2009 WASHINGTON - Even as the American economy went into a tailspin, the median salary of chief executives of 200 large US corporations increased by 4.5 percent to $1.08 million last year, according to a new survey. On top of that, these corporations keep plying executives with generous freebies, despite the public outcry over private jets and other executive perks, said the survey released Tuesday by AFL-CIO, the country's largest labour federation.
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